Saturday, September 22, 2018
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    NERC warns ANED to steer clear of electricity matters

NERC warns ANED to steer clear of electricity matters

The Nigerian Electricity Regulatory Commission (NERC) has warned the Association Of Nigerian Electricity Distributors (ANED) to steer clear of policy directives in the power sector.The commission made the directive during a meeting with representatives of electricity distribution companies (DisCos) in Abuja.ANED is the umbrella body of the DisCos.At the meeting, ANED representatives were warned against commenting on any pronouncement made by [...]

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    NIMC says you can withdraw money, pay bills with new national e-ID card

NIMC says you can withdraw money, pay bills with new national e-ID card

The National Identity Management Commission (NIMC), says the national electronic identity card can be used for money transactions.Loveday Ogbonna, head, corporate communications, said the e-ID card doubles as a proof of identity and access to financial services, would make it possible for Nigerians to receive a universally accepted identity card."The card at the point of collection if activated could be [...]

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    Amina Mohammed: Okonjo-Iweala helped get Nigeria out of debt, but we are back there

Amina Mohammed: Okonjo-Iweala helped get Nigeria out of debt, but we are back there

Amina Mohammed, the deputy secretary-general of the United Nations (UN), says Ngozi Okonjo-Iweala, two-time minister of finance, spent years to get Nigeria out of debt, but the country is now back to worrying levels of debt. Speaking at the International Monetary Fund (IMF) and the UN Working Together Conversation monitored by TheCable on Tuesday, the former minister of environment in Nigeria [...]

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    NCC intervenes in CBN, MTN dispute

NCC intervenes in CBN, MTN dispute

The Nigerian Communications Commission (NCC) says it hopes that there will be an amicable resolution between the Central Bank of Nigeria and MTN.The financial regulator had ordered MTN to refund the $8.1 billion it repatriated from the country, saying the funds were allegedly taken out of the country using irregular certificates of capital importation.Speaking on Tuesday at the ongoing ITU [...]

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    FG negotiating $6bn loan from China for Ibadan-Kano rail

FG negotiating $6bn loan from China for Ibadan-Kano rail

Rotimi Amaechi, minister of transportation, says the federal government is negotiating a $6 billion loan with the Chinese government to complete the Ibadan to Kano rail track.Amaechi made this known on Tuesday in Abuja during a news conference on the overhaul of the transport sector since the inception of the current administration."We are currently in negotiation with the China EXIM [...]

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    MTN: Africa is not ready for super fast 5G network

MTN: Africa is not ready for super fast 5G network

Rob Shuter, MTN's chief executive officer, says Africa is not ready for 5G network adding that most phones in Africa worked fine on just 3GSpeaking at a telecoms conference in Durban on Tuesday, Shuter said Africa is likely to be ready for the super-fast technology in about five years from now.5G networks, now in the final testing stage, will rely on [...]

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    FG: States owing salaries won’t get Paris Club refund

FG: States owing salaries won’t get Paris Club refund

The federal government says states must clear owed salaries and other related staff arrears before they would be able to access the remaining $2.69 billion Paris Club refund.Hassan Dodo, director of information, federal ministry of finance, made this known in a statement released on Tuesday."The DMO led the reconciliation process under the supervision of the Federal Ministry of Finance. The final [...]

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    NEITI: Osun’s total FAAC deductions in half year 2018 exceeded total allocation

NEITI: Osun’s total FAAC deductions in half year 2018 exceeded total allocation

The total deductions made from Osun's disbursements from the federation account allocation committee exceeded the total allocation the state got.According to a quarterly review released by the Nigerian Extractive Industries Transparency Initiative, the total allocations Osun got between January and June 2018 was N10.24 billion and the total deductions made was N14.52 billion.Although data showed that FAAC disbursements as of June [...]

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    ‘We didn’t commit any offence’ — Standard Chartered reacts to CBN fine

‘We didn’t commit any offence’ — Standard Chartered reacts to CBN fine

Standard Chartered Bank Nigeria Limited has denied committing any offence which could attract sanction from the Central Bank of Nigeria (CBN).Standard Chartered is among the four commercial banks that the apex bank fined for alleged breaches of foreign exchange regulations in connection with foreign currency remittances.The CBN had alleged improper dividend repatriations by MTN Nigeria and requested that $8.1 billion be [...]

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    NPA alleges blackmail over Escravos dredging contract

NPA alleges blackmail over Escravos dredging contract

The management of Nigerian Ports Authority (NPA) says it followed due process in the award of a dredging contract to Dredging International Services Nigeria Limited.Dredging Atlantic Nigeria, the company that lost out in the bidding process, had alleged that the directors of Dredging International Services had been convicted of a crime in Switzerland, effectively disqualifying the firm from bidding for contracts in [...]

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Exchange Rates

September 21, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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